12 Jan - Southeast Asia’s largest tyre facility opens on Jan 14.

12- Jan Southeast Asia’s largest tyre facility opens on Jan 14....

President Gotabaya Rajapaksa will open Southeast Asia’s largest tyre manufacturing facility - Forentino Tyre (Pvt) Limited in Wagawatte Export Processing Zone on January 14.

According to Company Chairman Nandana Lokuwithana, the project estimated at US 250 million will help bolster the economy by revitalizing exports while creating thousands of employment opportunities.

The construction of the second phase of the facility is going on and is slated to be commissioned in March this year. He said that the facility destined to roll in a new page in the industrial sector of the county is aimed at capitalizing the European market.

Lokuwithana who is also chairman of Ceylon Steel Corporation added that the company succeeded in developing an extent of 160 acres and it is planning to purchase raw material locally for radial production.